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Monday, 30 July 12
DRY BULK MARKET TO REMAIN UNDER PRESSURE FOR THE REST OF 2012 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 In an interview with Hellenic Shipping News Worldwide, Mr. Yannis Pachoulis, President of the Hellenic Shipbrokers' Association, remains cautiously optimistic regarding the dry bulk market's long-term prospects. He states that the current downturn was expected, as more and more newbuilding vessels were scheduled to hit the water, on the back of a huge orderbook. He adds that with global dry bulk trade expected to increase exponentially during the next few years, the current oversupply of dry bulk tonnage will be gradually absorbed, thus helping to bring freight rates back to more sustainable levels.
Since the start of the year, we've witnessed a dry bulk market collapse. Why has this occurred? Was the fall expected or did its extent take some under surprise?
Well we cannot name it a ‘collapse’. It is indeed a free fall, but bearing in mind the world’s economy situation together with the oversupply of tonnage due to mass deliveries of newbuildings, ordered during the last five years, brought the tough times of shipping industry we are experiencing now. The fall was expected as the supply of tonnage increased dramatically and broke the balance of supply and demand. I am sure that the prudent owners and brokers have predicted this fall and in most cases were prepared for it.
Is China in a position to be the dry bulk market's powerhouse, like it has been in the past years?
For the last decade China proved to be the dry bulk market’s powerhouse. As the Chinese Government’s 20 years development plan is running , raw materials will be needed, so it will still remain the master powerhouse not only for shipping but for trading also. We have to keep in mind that although the imports of iron ore, which is the primary raw material, might decrease, the imported iron ore is going to be well above half a billion tons. China’s total output in iron ore is estimated to be around 1.5 billion tons this year against 1.33 billion tons in 2011 out of which 686 million tons were imported. It is therefore obvious that China will remain the great source of seaborne trade.
How do you see the market behaving in months until the end of the year? Is a rebound to healthier levels imminent or will ship owners have to be patient and weather the storm?
It’s a good question. Personally, I don’t see great changes till the end of the year – which in my opinion is healthy – of course we are expecting an increase in 4th quarter as it is common in shipping, but nothing extraordinary. The fluctuations of the market will continue and the usual geographical gaps will remain. Shipping as a globalized industry has to be patient, following the international trade market which is showing some optimistic signs, for example the growth of the world trade predicted to reach close to 100 % next 15 years with specific areas like S.America, India, Australia, China, Mexico, African and South East Asian countries expected to play a prime role in future. In the meantime India’s coal imports have already increased during the last three years and expected to have a further increase of approximately 35-36 % in the years to come.
What about demolition activity? Is scrapping activity enough to compensate for part of the newbuilding deliveries?
Demolition is definitely a way to assist the balance of supply and demand. We have already seen a great increase in scrapping activity the last three years. It is obvious that a weak market is leading most of the overaged tonnage to the scrapyards. During 2010 the total dwt scrapped was 28 million tons, 2011 was 42 million tons and the number is growing by nearly 50% during 2012. Scrap prices are still high and owners should take advantage of the prevailing needs and prices and lead their old tonnage to demolition yards, thus giving a chance to their younger tonnage to survive. The average age of scrapped tonnage jumped from 30.5 years in 2010 to 28 years today for dry cargo vessels and 22 years for tankers.
In terms of demand, could other countries like India come to the help of dry bulk ship owners?
As explained hereabove, India’s coal imports are likely to increase from 137 to 185 million tons. Having a target growth rate of 7.5 per cent per year, India seems to be one of the leading countries worldwide in terms of industrial and agricultural infrastructure. And it's not the only one. There are other economies which are giving signs of emerging growth. Russian economy with the known resources, Brazil with the sugar and iron ore trade, Argentina with the grain production, USA and Canada with their industrial and grains products, Australia with the iron ore and coal exports. It’s a promising lot, therefore we should be optimistic for the future of shipping.
Do you expect shipping companies to come under further pressure from banks and lenders in general, with some of them even exiting the market all together?
It all depends on the policy of the banks. There is indeed a pressure, especially to shipowners which purchased their fleet during the very high market of 2006-2008, when the values were sky high. We have recently seen banking and financing organizations to resign from their shipping activities for various reasons, like Commerzbank – being a key player in shipping finance-which decided to exit shipping . But in the meantime we have also experienced refinancing facilities from banks which were not heavily involved in the industry. Hopefully we are not going to see unfortunate events i.e. shipping companies exiting the shipping market due to financial problems created by banks.
Do you believe that the latest fuel regulations regarding ship emissions will ultimately lead to "greener" vessels? Are ship owners looking to build more efficient vessels, or will their preferred solution be to install new engine technologies onboard existing vessels in order to comply with low-sulphur fuel regulations?
Definitely the new fuel regulations are already leading shipowners in building ‘greener’ vessels. Most of the major shipyards have already created new designs of eco-type vessels which will be the leading force in future. Apparently the shipyards following the high bunker prices and the new regulations are trying to create environment friendly vessels with low consumption using, at least in the areas where imposed, the low-sulphur bunkers.
On the other hand the already existing fleet will have to harmonize with the new regulations so the owners have to make all necessary arrangements in order to comply with them, otherwise they are going to face ‘prohibited areas’ in the trade of their ships.
How has the eurozone debt crisis and more importantly the Hellenic financial woes affected your day-to-day business?
We are living in Greece and as Greeks, we are facing the problem of this crisis. It is definitely affecting our life but in the meantime strengthens our will to assist in any possible way our country to overcome this difficulty. Eurozone’s economical situation cannot be considered as smooth. There are different economical levels of the member countries and we have to reach an accepted balance. This is not easy but I strongly believe it can be achieved, provided that there will be understanding from all parties concerned. Our day-to-day business is running normally for the time being but definitely affected, having to live in an uncertain economical environment, but again we are optimistic.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 03 July 12
DRY BULK MARKET INCHED FORWARD AT THE START OF THE WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward at the beginning of the new week, prior to the US holidays regarding the celebration of the 4th of July, which is ...
Monday, 02 July 12
ORPHEUS STRENGTHENS REVENUE STREAM WITH NEW ROYALTY AGREEMENT AT THE B2 COAL PROJECT
Orpheus Energy (ASX:OEG) is pleased to advise that it has executed a life of mine Royalty Agreement with Indonesian mining contractor PT Debbia Mini ...
Monday, 02 July 12
DRY BULK DEMAND TO RISE TO 3.6 BILLION TONNES IN 2012, BUT NEW BUILDING DELIVERIES ARE
In its latest analysis on the dry bulk market fundamentals, DVB Bank said that dry bulk cargo demand is forecast to rise to approximately 3.6 billio ...
Sunday, 01 July 12
AUSTRALIAS CARBON TAX - SUNIL K KUMBHAT
COALspot.com - Climate Change
Climate change and global warming have now become buzzwords the world over. The disastrous consequences for global ...
Sunday, 01 July 12
DSP OF SGX ASIACLEAR OTC COAL SWAP'S THIS WEEKS MOVEMENTS SLIGHTLY POSITIVE
COALspot.com - SGX AsiaClear OTC Coal Swaps have recovered slightly this week and Q4 deliveries are also showing positive direction.
SGX’s ...
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- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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